Capri Holdings Group on Wednesday raised its full-year 2022 profit forecast, thanks in part to strong results from its Versace and Michael Kors brands.
Capri Holdings Limited sees its total fourth-quarter revenue of $1.492 billion increase 24.6 percent from a year ago. Net income for the quarter was $81 million, causing John D. Idol, the company’s president and CEO, to celebrate, “Capri Holdings achieved the highest revenue, gross margin and earnings per share in the company’s history. In addition, we generated strong free cash flow and returned $650 million to shareholders in fiscal 2022.(…) The strength of Versace, Jimmy Choo and Michael Kors, as well as the proven resilience of the luxury market, reinforces our optimism for the future and our ability to achieve $7 billion in revenue and a 20% operating margin over time.”
Featured photo : © Michael Kors